Group 1 - The meeting of the Provincial People's Congress Standing Committee was held in Xi'an, presided over by the Provincial Party Secretary Zhao Yide [1] - 60 members of the Standing Committee attended the meeting, meeting the legal attendance requirement [2] - Reports were presented on various topics including the implementation of science and technology progress laws, government debt management for 2024, and anti-corruption efforts [3] Group 2 - The meeting reviewed multiple legislative drafts including the waste classification management regulations and forest management regulations [4] - Additional reports included the examination of individual representatives' qualifications and various government budget adjustments [4] - A special lecture on hydrogen energy and zero-carbon smart energy systems was delivered by an academic expert prior to the meeting [6]

Core Viewpoint - The article discusses the key points from the press conference of the 14th National People's Congress, highlighting the importance of the Private Economy Promotion Law and the mutual benefits of China-US economic relations [1][3][5]. Legislative Developments - The draft of the Private Economy Promotion Law was first reviewed by the National People's Congress (NPC) Standing Committee in December last year and has undergone further review recently. This law aims to ensure equal legal protection for various ownership economies and promote fair market competition [3]. - Since the second session of the 14th NPC, the NPC Standing Committee has reviewed 39 legal proposals, passing 24 of them, which includes the formulation of 6 new laws and amendments to 14 existing laws [8]. China-US Economic Relations - The essence of China-US economic relations is mutual benefit, with trade volume increasing over 200 times since the establishment of diplomatic relations. The total bilateral investment stock is approximately $250 billion [5]. - The article emphasizes the need for dialogue and negotiation to resolve differences, while firmly maintaining national sovereignty and development interests [6]. Technological Innovation - The progress of DeepSeek represents the rise of Chinese companies in the AI sector, showcasing China's innovation and inclusivity in technology development. The Chinese government is committed to protecting data privacy and promoting global AI governance [10]. Economic Outlook - Despite facing challenges, the fundamentals of the Chinese economy remain strong, with a resilient foundation and significant potential for long-term growth. The government is actively managing local government debt to ensure sustainable economic development [12][13].

Core Viewpoint - The National People's Congress (NPC) is taking measures to manage local government debt effectively, including the approval of an increase in the local government debt limit by 6 trillion yuan to replace hidden debts, which is aimed at ensuring stable local fiscal operations and supporting high-quality development [1]. Group 1 - The NPC approved an increase of 6 trillion yuan in local government debt limits to replace existing hidden debts [1]. - By the end of last year, the 2 trillion yuan replacement bond quota for 2024 had been fully issued, with most regions completing the debt replacement [1]. - The issuance work for the 2 trillion yuan replacement bonds for 2025 has already been initiated, which helps to effectively prevent and mitigate local government debt risks [1]. Group 2 - The NPC Standing Committee will enhance supervision of government debt management, particularly focusing on the implementation of the increased local government debt limit for replacing hidden debts [1]. - There is a commitment to further strengthen government debt management and to establish a debt management mechanism that aligns with high-quality development [1]. - These measures are intended to support the sustained and healthy development of the economy and society [1].